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Buying a home? Build your team of professionals
Buying a home is an exciting and complex undertaking. Whether you’re considering a single-family home, a townhome, a garden condominium, a duplex or something else, you want to “get it right” and not pay more than necessary. Since people typically don’t buy a home more than a few times in their lives, it’s difficult to develop the expertise that comes with experience. Fortunately, experienced professionals are available to help in every phase of the homebuying process. Get the help you ...
Pre-approval may be a buyer’s most important tool in an unpredictable market
In most of the U.S., the current housing market remains hot. The most recent data show the time on market for homes sold in the US was 31 days (though this will vary by local market). While slower than much of the post-pandemic housing boom, 31 days is still an incredibly short time to sale. In addition, the median home price increased 2.9% year-over-year despite increasing mortgage rate. Mortgage interest rates are rising, but the market remains hot Interestingly, the ...
What homebuyers need to know about decks
Decks both extend a homeowner’s outdoor space and provide an ideal spot for a hot tub, outdoor grill, or dining area. They’re perfect for entertaining, family time or enjoying an afternoon in the sun while reading. But what many homebuyers – especially first-time homebuyers – may not know is that decks can be expensive. And that applies to existing decks as well as to those that have yet to be built. Existing decks need a thorough inspection Decks are generally ...
Your loan officer is your best ally
The home buying experience can be an overwhelming experience that can be exhilarating, fun, stressful and exhausting. The process of securing a mortgage, successfully bidding on a home and completing the transaction can be lengthy, complex and involve seemingly endless professionals. Those professionals may include a buyer’s agent, a loan officer, a home inspector, title company personnel, a city official in charge of occupancy permits, surveyors and more. Many buyers think of their real estate agent as their “go to” ...
How to spot potential basement problems before it’s too late
A wet, leaking, or flooding basement can be a homeowner’s worst nightmare. And since water in a basement is often caused by foundation problems, fixing a wet basement is often a lengthy, expensive process that must be completed by professionals. The easiest way to avoid the headaches and expenses involved with leaking basements is to spot the problems before purchasing a home with basement problems. In many cases, a home inspector will spot signs of a basement that has had ...
Is a bridge loan the right option for you?
It’s no secret that the housing market is still red-hot. For example, homes in the St. Louis area sold on average in seven days during the summer of 2022. This summer the average time on-market before sale is eight days. And while the average time to sell a house in the St. Louis market is currently approximately one week, an inordinate number of homes sell in their first or second day listed, often significantly over their listed price. But not ...
Buying a home? What you need to know about radon
The home buying process is complex and filled with seemingly endless paperwork, documentation and what often seem to be unnecessary formalities. Each step in the process is important, however. And some of these steps could safeguard your health or even your life. Obviously, inspecting a home’s electrical systems as well as its structural integrity can ensure a buyer that a home is safe to occupy. But there is one test you should consider having done on your prospective home that ...
What you need to know about an escalation clause
There’s not much question about it; today’s real estate market is a seller’s market. It’s a simple matter of supply and demand. Econ 101 students all learn about supply and demand, and one nearly unwavering aspect of supply and demand is that when supply drops and demand for the remaining goods and/or services remains constant, their price will rise. The current housing market is experiencing its lowest level of supply since 1999. While the number of prospective buyers remains high, ...
Property owners have rights; so do squatters
You inherited your grandfather’s house in the country. Or you have a home in the next county that you’re planning to update and rent to create an income stream. Or you bought a “fixer upper” in an involved neighborhood in your city. You’re busy with work, family and countless people competing for your time, so you don’t monitor the property as it’s not nearby and you have it shut down with no utilities, etc. Then one day you go to ...
How to select the right home inspector
Buying a home can be an exciting, joyous and stressful experience. Every buyer wants to find the ideal home, one that meets their needs, is in the right location, with the right features and that represents a solid investment. Closing on that home, moving in and finding out the neighbors are wonderful people, or that the neighborhood school is even better than expected are nice surprises. Discovering extensive cracks in the concrete foundation behind the drywall of the finished basement ...
The information provided herein has been prepared by a third party company and has been distributed for education purposes only. The positions, strategies or opinions of the author do not necessarily represent the positions, strategies or opinions of Guild Mortgage Company or its affiliates. Each loan is subject to underwriter final approval. All information, loan programs, interest rates, terms and conditions are subject to change without notice. Always consult an accountant or tax advisor for full eligibility requirements on tax deduction.
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